SkyWater Technology (NASDAQ:SKYT) Downgraded to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded SkyWater Technology (NASDAQ:SKYT) from "hold" to "Strong Sell" in a report issued Wednesday.
• Several brokerages have recently cut ratings and the stock's consensus is "Reduce" with a consensus target price of $32; analyst breakdown: 1 Buy, 5 Hold, 2 Sell.
• SkyWater's most recent quarter showed revenue of $171.0M (up 13.5%) beating estimates while EPS missed at (‑$0.03) vs. (‑$0.01) expected, and analysts project FY EPS of about (‑0.22).

SkyWater Technology (NASDAQ:SKYT - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other brokerages have also issued reports on SKYT. Piper Sandler lowered SkyWater Technology from an "overweight" rating to a "neutral" rating and upped their target price for the company from $17.00 to $35.00 in a research report on Monday, January 26th. Needham & Company LLC lowered shares of SkyWater Technology from a "buy" rating to a "hold" rating in a research note on Monday, January 26th. Stifel Nicolaus set a $35.00 price objective on shares of SkyWater Technology in a research note on Monday, January 26th. TD Cowen cut shares of SkyWater Technology from a "buy" rating to a "hold" rating and increased their price target for the stock from $24.00 to $35.00 in a research report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of SkyWater Technology in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $32.00.

SkyWater Technology Trading Down 0.3%

NASDAQ SKYT opened at $29.22 on Wednesday. The stock has a market cap of $1.42 billion, a P/E ratio of 12.02 and a beta of 3.52. The company's fifty day simple moving average is $28.88 and its 200-day simple moving average is $20.26. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17. SkyWater Technology has a 52 week low of $5.67 and a 52 week high of $36.27.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.02). SkyWater Technology had a negative return on equity of 8.42% and a net margin of 26.90%.The firm had revenue of $171.04 million during the quarter, compared to analyst estimates of $160.05 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The business's quarterly revenue was up 13.5% compared to the same quarter last year. Equities research analysts predict that SkyWater Technology will post -0.22 EPS for the current fiscal year.

Institutional Trading of SkyWater Technology

Several hedge funds have recently bought and sold shares of SKYT. AQR Capital Management LLC raised its holdings in shares of SkyWater Technology by 112.0% during the first quarter. AQR Capital Management LLC now owns 313,993 shares of the company's stock valued at $2,226,000 after buying an additional 165,865 shares during the last quarter. Strs Ohio bought a new stake in SkyWater Technology during the 1st quarter valued at $173,000. Y Intercept Hong Kong Ltd acquired a new position in SkyWater Technology during the 2nd quarter worth $243,000. Pekin Hardy Strauss Inc. bought a new position in shares of SkyWater Technology in the second quarter worth $276,000. Finally, Creative Planning grew its stake in shares of SkyWater Technology by 69.7% in the second quarter. Creative Planning now owns 34,283 shares of the company's stock worth $337,000 after purchasing an additional 14,085 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

SkyWater Technology Company Profile

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater's service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.

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